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CIT Serves as Sole Lead Arranger on $39MM Financing for Medical Office Buildings

October 29, 2020, 08:27 AM
Filed Under: Real Estate

CIT Group announced that its Healthcare Finance business served as sole lead arranger on a $39 million loan for the acquisition of the North Hills Health Center in Menominee Falls, Wisconsin.

IRA Capital acquired the medical campus, consisting of two class-A medical office buildings comprising nearly 119,000 square feet. The outpatient facility is 100% leased and occupied by Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin.

Froedtert provides a range of outpatient services at North Hills, including an MRI/imaging center, a fertility clinic, a sleep center, a women’s health center, a pulmonary rehab facility, an occupational medicine clinic and a walk-in urgent care center. North Hills is strategically located between two of Froedtert’s largest hospitals.

“We are pleased to have acquired North Hills Health Center, which support high quality medical offices in an attractive location,” said Amer Kasm, one of five principals and a co-founder of IRA Capital. “We appreciated CIT’s agility and expertise as we worked to arrange the financing for this transaction.”

“We were pleased to arrange financing for IRA Capital’s acquisition of these valuable facilities that support medical needs across the region,” said William Douglass, managing director and group head for CIT’s Healthcare Finance business.

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